Canada Lithium Appoints Geological Consultant to Conduct Independent Review of the Company's Mineral Resources
TORONTO, Feb. 28 /CNW/ --
TSX: CLQ; U.S. OTC: CLQMF
TORONTO, Feb. 28 /CNW/ - Canada Lithium Corp. (TSX: CLQ; U.S. OTC: CLQMF) announced today that it
has appointed Roscoe Postle and Associates Inc. to undertake a
preliminary independent review of its previously announced mineral
resources. The independent evaluation has been initiated following an
internal review that indicated a material reduction in the measured,
indicated and inferred mineral resources incorporated in the
43-101-compliant report announced Oct. 28, 2010. The Company was
unable to reconcile the results of the internal review, which
incorporated various resource estimation methodologies, with the
reported 43-101 resources announced in October 2010. Michelle Stone,
Ph.D., P. Geo., a Qualified Person as defined by NI 43-101, was the
author of the 43-101 report.
The Company anticipates that the independent review could be completed
within two weeks. A detailed audit (including a new 43-101 report
prepared by an independent consulting group) will follow and could
require up to a number of months to complete. On-going detailed
engineering and design of the Company's planned lithium carbonate mine
and processing plant near Val d'Or, Quebec, will continue during the
review/audit period.
In October 2010, Canada Lithium reported measured and indicated mineral
resources of 46 million tonnes grading 1.19% Li(2)O (at a 0.8% Li(2)O cut-off), plus an inferred mineral resource of 57 million tonnes
grading 1.18% Li(2)O. This resource was used to develop a mine plan with a schedule to
process one million tonnes of ore per year over an initial mine life of
14.8 years. The current mine plan will be reviewed following the
review/audit.
About Canada Lithium Corp.
Canada Lithium Corp., a 'clean-tech' mine developer, is anticipated to
emerge as the world's next significant fully-integrated lithium
carbonate producer. The Company has completed a definitive Feasibility
Study (FS) on its Quebec Lithium Project near Val d'Or, the
geographical heart of the Quebec mining industry. Its planned open pit
mine and processing plant should be producing lithium carbonate by late
2012 to meet the growing needs of the emerging global market for
electric and hybrid electric vehicles. It has an agreement with
Japanese metals trading firm, Mitsui and Co. Ltd., to market a portion
of Canada Lithium Corp.'s product in China, Korea and Japan.
Metallurgical tests have produced battery-grade lithium carbonate from
deposit samples. The Company trades under the symbol CLQ on the TSX and
on the U.S. OTCQX under the symbol CLQMF.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein constitute forward-looking
statements. The Company believes that the expectations reflected in
the forward-looking statements are reasonable but no assurance can be
given that such expectations will prove to be correct and such
forward-looking statements included herein should not be unduly relied
upon. The forward-looking statements included in this press release
are made as of the date of this press release and the Company disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as expressly required by applicable securities
legislation.
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Peter Secker, President and CEO (416) 361-2821
Olav Svela, Director, Investor Relations (416) 361-2821 or (416) 479-4355 or email osvela@canadalithium.com
Christine Stewart, Renmark Financial Communications Inc. (416) 644-2020 or email cstewart@renmarkfinancial.com
Please visit the Canada Lithium website at www.canadalithium.com.
Corporate Office: 401 Bay Street, Suite 2010, P.O. Box 118, Toronto, ON, M5H 2Y4